Retirement Planning Colorado Springs CO

Planning ahead for retirement is vital for people of all ages who wish to be financially independent once they opt to retire. Money can be allocated to investments or set aside in savings plans in order to avoid being used too early, though investments do involve some degree of risk. Many people save for retirement through employer-sponsored defined contribution plans, such as IRAs, 401(k)s, and profit sharing plans. Other types of plans and DIY retirement planning are also options and all of the available avenues are generally characterized by tax advantages.

Deborah Hoskins
Pikes Peak Financial Planning LLC
(719) 578-3309
102 S. Tejon Street Suite 1100
Colorado Springs, CO
Expertises
Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, Women's Financial Planning Issues, Helping Clients Identify & Achieve Goals, Tax Planning, Special Needs Planning
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, JD, MS

David Forbes
Petra Financial Advisors, Inc.
(719) 636-9000
2 North Cascade, Suite 720
Colorado Springs, CO
Expertises
Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, BS, CFA, CFP®

Connie Hancock
Petra Financial Advisors, Inc.
(719) 636-9000
2 North Cascade, Suite 720
Colorado Springs, CO
Expertises
Estate & Generational Planning Issues, Tax Planning, Advising Medical Professionals, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Professional Athletes or Entertainers
Certifications
NAPFA Registered Financial Advisor, CFP®

Susan Strasbaugh
Strasbaugh Financial Advisory, Inc.
(719) 265-4600
8580 Scarborough Drive, Suite 145
Colorado Springs, CO
Expertises
Retirement Planning & Distribution Rules, Advising Medical Professionals, Ongoing Investment Management, Tax Planning, Women's Financial Planning Issues, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, EA

Linda Leitz
Pinnacle Financial Concepts, Inc.
(719) 260-9800 Ext: 4
7025 Tall Oak Drive, Suite 210
Colorado Springs, CO
Expertises
Divorce Planning, Middle Income Client Needs, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CDP, CFP®, EA

Steven King
King Financial Planning & Management, LLC
(719) 302-1088
2 N. Cascade Avenue, Suite 1100
Colorado Springs, CO
Expertises
Helping Clients Identify & Achieve Goals, Ongoing Investment Management, Planning Concerns for Corporate Executives, Advising Medical Professionals, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Mary Brooks
Brooks Financial Planning
(719) 492-1833
34 South Sierra Madre Street
Colorado Springs, CO
Expertises
Financial Issues Between Generations, Hourly Financial Planning Services, Ongoing Investment Management, Cash Flow/Budgets/Credit Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, M.Ed.

Craig Carnick
Carnick & Company
(719) 579-8000
675 Southpointe Court, Suite 102
Colorado Springs, CO
Expertises
Ongoing Investment Management, High Net Worth Client Needs, Helping Clients Identify & Achieve Goals, Planning Concerns for Corporate Executives, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®

Jane Young
Pinnacle Financial Concepts, Inc.
(719) 260-9800 Ext: 4
7025 Tall Oak Drive, Suite 210
Colorado Springs, CO
Expertises
Advising Medical Professionals, Women's Financial Planning Issues, Ongoing Investment Management, Retirement Planning & Distribution Rules, Divorce Planning, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®, EA, MBA

Deborah Hoskins
Pikes Peak Financial Planning LLC
(719) 332-4856
2545 Lake Meadow Drive
Monument, CO
Expertises
Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, Women's Financial Planning Issues, Helping Clients Identify & Achieve Goals, Tax Planning, Special Needs Planning
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, JD, MS

Retirement Planning

By: Jonas Zamora
Jonas Zamora is a Certified Financial PlannerTM professional. You may contact him at jzamora@zacks.com

Closing in on retirement?

Are you closing in on retirement? If your goal is to retire in the next five years, you are in that critical stage in the retirement planning cycle. You have to take care of details like your 401(k) distributions or rollover, exercise of stock options, pension distributions, and when to take social security payments. Then there's figuring out what you need to draw out of your investments when that big day arrives. What you do in the first five years after retirement will also play a key role over the following 25-30 years.

First, let's discuss your first steps five years before going off into retirement bliss:

1. Put more money away. I read an article that says we are saving too much for retirement. That is bunk! Let's say your retirement target is 65 years of age. Most of you will be able to and should contribute extra to your 401(k) after reaching 50 years of age. That amount is $15,500 per year plus catch up amount of $5,000. Over a 15-year time frame for someone who is 50 years old today, assuming a 7% annual return, the savings by age 65 amounts to over $500,000. Without the extra $5000 in contributions, you would only have around $376,000.

2. Over the last year to two years before retirement, consider being more conservative in your 401(k). Don't leave a majority of these assets in employer stock! If the market takes a nosedive, you still have a great base to invest and live off of when you retire. Diversify.

3. Remember to exercise those in-the-money stock options. Many folks get so excited about their last day at the office, they forget about exercising the valuable stock options while still profitable.

4. Place money in an emergency fund with 1-2 years worth of living expenses in a cash or CD account....

Click here to read the rest of this article at Zacks.com